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Your Credit Rating |
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What is my Credit Rating?
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piece of credit history information in your credit file is
assigned a rating by the credit grantor. The most common
ratings are "R" ratings. These are known as North American
Standard Account Ratings and are the most frequently used.
The "R" indicates that the item being described involves
revolving credit. If you always pay on time, it will be
coded an R1. If an amount was written off because you never
paid it back, it is coded R9. The R ratings are a coding
system that translates "on time", "one month late", "two
months late", etc., into two-digit codes.
| Rating |
What it Means |
| R0 |
Too new to rate; approved but
not used |
| R1 |
Pays (or paid) within 30 days
of payment due date or not over one payment past due |
| R2 |
Pays (or paid) in more than
30 days from payment due date, but not more than 60
days, or not more than two payments past due |
| R3 |
Pays (or paid) in more than
60 days from payment due date, but not more than 90
days, or not more than three payments past due |
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R4 |
Pays (or paid) in
more than 90 days from payment due date, but not more
than 120 days, or four payments past due |
| R5 |
Account is at
least 120 days overdue, but is not yet rated "9" |
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R7 |
Making regular
payments through a special arrangement to settle your
debts |
| R8 |
Repossession
(voluntary or involuntary return of merchandise) |
| R9 |
Bad debt; placed
for collection; moved without giving a new address |
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Canadian
Credit Reports from Equifax Canada